Sumeet S, Shivaprasad B S
Oil is a very popular term and probably the most in demanded product currently in the market. With fluctuations in its price and ever increasing demand had made our country dependent on its import. With an increase in the price of oil and its products expenses of a common man also increases. The effect has gone to extent were it has become difficult for a common man to think of owning a private vehicle. This paper with an objective to understand the impact of crude oil prices on Indian economy on a common man and also to analyze the impact of rising and falling oil prices on Indian economy found by statically testing the data through Statistical Packages for Social Science found that increase in demand of crude oil is the main reason for price hike and study employed two hypotheses out of which first hypothesis was accepted and the second was rejected.
Oil, Price, Indian Economy, Common Man